H.R. 6655

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6655 Introduced in House (IH)]

<DOC>

119th CONGRESS
1st Session
H. R. 6655

To exempt charitable organizations from commodity trading regulations 
and registration requirements.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

December 11, 2025

Mrs. McClain Delaney (for herself and Mr. Messmer) introduced the 
following bill; which was referred to the Committee on Agriculture

_______________________________________________________________________

A BILL

To exempt charitable organizations from commodity trading regulations 
and registration requirements.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``CFTC Charitable Organization 
Exemption Act of 2025''.

SEC. 2. EXEMPTION OF QUALIFIED CHARITABLE ORGANIZATIONS FROM REGULATION 
AS COMMODITY POOL OPERATORS.

Section 4m of the Commodity Exchange Act (7 U.S.C. 6m) is amended 
to read as follows:

``SEC. 4M. USE OF MAILS OR OTHER MEANS OR INSTRUMENTALITIES OF 
INTERSTATE COMMERCE BY COMMODITY TRADING ADVISORS AND 
COMMODITY POOL OPERATORS.

``(a) Prohibition.--It shall be unlawful for any commodity trading 
advisor or commodity pool operator, unless registered under this Act, 
to make use of the mails or any means or instrumentality of interstate 
commerce in connection with business as the commodity trading advisor 
or commodity pool operator.
``(b) Exceptions.--
``(1) In general.--Subsection (a) shall not apply to a 
commodity trading advisor whose commodity trading advice is 
solely incidental to the conduct of that person's business, and 
who is a--
``(A) dealer, processor, broker, or seller in cash 
market transactions of any commodity specifically set 
forth in section 2(a) of this Act before the enactment 
of the Commodity Futures Trading Commission Act of 1974 
(or products thereof); or
``(B) nonprofit, voluntary membership, general farm 
organization, that provides advice on the sale or 
purchase of any commodity specifically set forth in 
section 2(a) of this Act before the enactment of the 
Commodity Futures Trading Commission Act of 1974.
``(2) Charitable organization.--Subsection (a) shall not 
apply to any commodity trading advisor or commodity pool 
operator that is--
``(A) a charitable organization, as defined in 
section 3(c)(10)(D) of the Investment Company Act of 
1940 (15 U.S.C. 80a-3(c)(10)(D)), or a trustee, 
director, officer, employee, or volunteer of such a 
charitable organization acting within the scope of the 
employment or duties of the person with the 
organization, whose advisory or pool activities are 
conducted only on behalf of, or with respect to, 1 or 
more of--
``(i) any such charitable organization; or
``(ii) an investment trust, syndicate, or 
similar form of enterprise excluded from the 
definition of `investment company' pursuant to 
section 3(c)(10) of the Investment Company Act 
of 1940 (15 U.S.C. 80a-3(c)(10)), or the 
trustees, administrators, settlors (or 
potential settlors), or beneficiaries of the 
foregoing; or
``(B) any plan, company, or account described in 
section 3(c)(14) of the Investment Company Act of 1940 
(15 U.S.C. 80a-3(c)(14)), any person or entity who 
establishes or maintains such a plan, company, or 
account, or any trustee, director, officer, employee, 
or volunteer for any of the foregoing plans, persons, 
or entities acting within the scope of the employment 
or duties of the person with the organization, whose 
advisory or pool activities are conducted only on 
behalf of, or with respect to, any investment trust, 
syndicate, or similar form of enterprise excluded from 
the definition of `investment company' pursuant to 
section 3(c)(14) of the Investment Company Act of 1940 
(15 U.S.C. 80a-3(c)(14)).
``(3) Small commodity trading advisors.--Subsection (a) 
shall not apply to any commodity trading advisor who, during 
the course of the preceding 12 months, has not furnished 
commodity trading advice to more than 15 persons and who does 
not hold themselves out generally to the public as a commodity 
trading advisor.
``(4) SEC-registered.--
``(A) In general.--Subsection (a) shall not apply 
to any commodity trading advisor that is registered 
with the Securities and Exchange Commission as an 
investment adviser whose business does not consist 
primarily of acting as a commodity trading advisor and 
that does not act as a commodity trading advisor to any 
commodity pool that is primarily engaged in trading 
commodity interests.
``(B) Engaged primarily.--For purposes of this 
paragraph, a commodity trading advisor or a commodity 
pool shall be considered to be `engaged primarily' in 
the business of being a commodity trading advisor or 
commodity pool if it is or holds itself out to the 
public as being engaged primarily, or proposes to 
engage primarily, in the business of advising on 
commodity interests or investing, reinvesting, owning, 
holding, or trading in commodity interests, 
respectively.
``(C) Commodity interests.--For purposes of this 
paragraph, commodity interests shall include contracts 
of sale of a commodity for future delivery, options on 
such contracts, security futures, swaps, leverage 
contracts, foreign exchange, spot and forward contracts 
on physical commodities, and any monies held in an 
account used for trading commodity interests.
``(5) Subject to proceedings.--A person described in 
paragraphs (1) and (2) shall be subject to proceedings under 
section 14.
``(c) Relationship to Other Law.--Nothing in this Act shall relieve 
any person of any obligation or duty, or affect the availability of any 
right or remedy available to the Securities and Exchange Commission or 
any private party arising under the Securities Act of 1933 (15 U.S.C. 
77a et seq.) or the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.) governing the issuance, offer, purchase, or sale of securities of 
a commodity pool, or of persons engaged in transactions with respect to 
the securities, or reporting by a commodity pool.
``(d) Disclosure Concerning Exempted Charitable Organizations.--A 
commodity trading advisor or commodity pool operator that is an 
organization or person described in subsection (b)(2)(A) of this 
section to or of any investment trust, syndicate, or similar form of 
enterprise excluded from the definition of `investment company' 
pursuant to section 3(c)(10)(B) of the Investment Company Act of 1940 
(15 U.S.C. 80a-3(c)(10)(B)) shall provide disclosure in accordance with 
section 7(e) of that Act (15 U.S.C. 80a-7(e)).''.
<all>